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You think all professors are uncoordinated,but then you see your psychology professor make a diving catch in an intramural softball game.You maintain your original stereotype of professors as uncoordinated by deciding that this one individual is an exception to the rule because he is a "young professor." What concept does your thinking illustrate?
Promissory Estoppel
A legal principle preventing a party from withdrawing a promise if the other party has relied on that promise to their detriment.
Definite Promise
A definite promise is a clear and unambiguous commitment or pledge made by one party to another, often forming the basis of a contractual obligation.
Consideration
In contract law, it refers to something of value exchanged between parties as the basis for a contract.
Bargained-for Exchange
Bargained-for exchange is a legal concept where parties agree to provide something of value to each other, forming the basis of a contract.
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